Millionaires flock to crypto: 82% sought investment advice in 2022

Despite a challenging year for crypto, 82% of millionaire clients had looked into investing in digital assets such as Bitcoin (BTC) in 2022, according to a recent poll conducted by financial advisory firm deVere Group. 
The poll results, released on Jan. 30, found that eight out of 10 of the firm’s high net worth (HNW) clients surveyed with between $1.2 million and $6.1 million of investable assets sought advice on crypto from financial advisers in the last 12 months.

82% of millionaires seek advice on crypto as Bitcoin soars#PressRelease
https://t.co/nv6HSZBxEs

— deVere Group (@deveregroup) January 30, 2023

Nigel Green, the CEO and founder of deVere Group said that despite the surveyed group being “typically more conservative,” he believes the interest stems from Bitcoin’s core values of being “digital, global, borderless, decentralised and tamper-proof.”
Previous years’ studies from the firm have shown a trend increasing interest in crypto investments from wealthy investors.
A 2020 study from deVere found that 73% of the 700 surveyed HNW individuals either already own or are looking to invest in cryptocurrencies before the end of 2022, while the firm’s 2019 study found that 68% of global HNW individuals were already invested or planning to invest in crypto by the end of 2022.
Green also notes the uptake in interest in offering crypto services to clients by legacy financial institutions like Fidelity, BlackRock, and JPMorgan as a good sign for the industry.
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A June 2022 report from PricewaterhouseCoopers, or PwC found roughly one-third of the 89 traditional hedge funds surveyed were already investing in digital assets such as BTC.
The deVere CEO believes this momentum of interest could build further as the “crypto winter” of 2022 thaws in the wake of changing conditions in the traditional financial system.
“Bitcoin is on track for its best January since 2013 based on hopes that inflation has peaked, monetary policies become more favourable, and the various crypto-sector crises, including high-profile bankruptcies, are now in the rear-view mirror.”
“The world’s largest cryptocurrency is up over 40% since the turn of the year, and this will not go unnoticed by HNW clients and others who want to build wealth for the future,” Green added.
HNW individuals are not the only ones who have increased their crypto holdings over the last year.
According to a Dec. 13, 2022 report from JPMorgan Chase, around 13% of the American population, roughly 43 million people, have held cryptocurrency at some point in their lives, an increase from 2020, when the figure was only around 3%.